www.infystocks.co.uk: 27/04/2008

29 April 2008

Wall Street opened down after the disappointing results of the giant Visa and rejection by the FDA of the new treatment from Merck (MKGAY.PK - news) against cholesterol. In contrast, Office Depot (NYSE: ODP - news) is being sought through an earnings per share above expectations.
Investors stand on their guard pending the publication of an index on consumer confidence. The other element of uncertainty related to the attitude of the Fed on rates. If a majority of economists predicts a drop of a quarter-point Fed funds rate tomorrow, some believe that the central bank could end tomorrow in its cycle of monetary relaxation.

At 9.45 am local, the Dow Jones (news) yields 0.05% to 12.864,83, the S & P 500, 0.15% at 1.394,21 points and the Nasdaq Composite (NASDAQ: news) 0.21% to 2.419,19 points.

In terms of statistics, the market is waiting to 16.00 index of consumer confidence as calculated by the Conference Board for the month of April. Analysts assume a new downturn after the lowest in five years struck in March.
The Fed on Tuesday began a two-day meeting of its board of monetary policy.
The barrel of WTI crude quality fell by 2.56 dollars to 116.19 after touching a record $ 119.93 Monday.

Merck & Co. abandons 7.65% to 38.26 dollars. The pharmaceutical group announced that the Food and Drug Administration (FDA) has rejected its new drug to increase HDL or "good" cholesterol. Merck did not provide details regarding the reasons given by the FDA to explain its refusal. In Paris, Action Merck fell by 7%.

Visa fell by 4.36% to 72.33 dollars. The first U.S. network of credit cards announced a growth of 28% of its net profits to 314 million in the second quarter of its 2007-2008 fiscal year. It is the first publication of the group since its entry on the stock market, last month. Excluding exceptional items, the result is clear to 52 cents per share, below the 55 cents anticipated by the market. Revenues rose by 21.8% to 1.45 billion dollars.

Office Depot rose by 8.78% to 13.01 dollars. The number one U.S. office supplies saw its net profit fall by more than half to 69 million dollars, the crisis of real estate have weighed on sales of its main markets. The result adjusted per share amounted to 29 cents against 22 cents estimated by analysts. Sales fell by 3% to 3.96 billion dollars.

Take-Two Interactive Software takes 1.02% to 26.74 dollars. The director general of the group believes that sales of game "Grand Theft Auto IV", whose output world takes place this Tuesday, are expected to exceed analysts' forecasts.

Avon Products (NYSE: AVP - news) is gaining 1.47% to 40.69 dollars. The world's number one direct sale of cosmetics products registered a jump of 23% of its net income to $ 184.7 million in the first quarter, the growth of its business in emerging markets and developing offsetting the weakness recorded in USA. Excluding restructuring costs, profit reached 47 cents per share, 3 cents better than expected by Wall Street. The turnover increased by 14% to $ 2.5 billion. Avon said he was confident in its ability to achieve its target operating margin of approximately 14%.

Finally, Corning (NYSE: GLW - news) wins 2.96% to 26.44 dollars. The world's leading manufacturer of glass for flat screens announced a tripling of its net profits to 1.03 billion dollars in the first quarter, boosted by strong demand for laptops and LCD televisions. Excluding exceptional items, profit was 44 cents per share, against 42 cents expected by operators. The billings rose by 24% to 1.62 billion dollars. For the current quarter, Corning expects a profit of at least 47 cents per share excluding exceptional and on a turnover of 1.71 to 1.75 billion dollars, respectively, against 43 cents per title and 1.68 billion dollars estimated by the consensus reached by Bloomberg.

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28 April 2008

The euro returned some ground against the dollar Monday

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LONDON, April 28, 2008 - The euro returned some ground against the dollar Monday at the end of the day, as investors awaited further clues on the outlook for the U.S. economy before the decision on Wednesday on its rate the Federal Reserve (Fed).

Around 16H00 GMT, one euro was worth 1.5647 dollars against 1.5624 dollars Friday to 21H00 GMT.

The European currency was conducted face the yen at 163.23 yen against the euro, against 163.13 yen the previous day.

The greenback fell on the other hand face the Japanese currency at 104.35 yen to the dollar, against 104.39 yen Friday evening.

The euro marked a slight lead facing a dollar weakened by speculation of interest rate cuts by the Fed, the forex getting rid of their assets in green.

Given the fragility of the U.S. economy, the institution should further lower its rates, but many analysts expect the Fed announced a pause after a further reduction in the cost of money.

"The Fed should make a modest decline of only a quarter point while some of its members are becoming increasingly cautious about the risks of inflationary pressures," said Daragh Maher, Calyon.

Since September 2007, the Fed has already reduced the rate of three percentage points, 5.25% to 2.25%.

In contrast, the ECB maintains the rent of the single currency 4% since June 2007 and regularly repeated his intention not to lower rates and focus on the fight against inflation, putting on the agenda support the growth in the second plan.

The euro was however limited its gains Monday at midday by the publication of figures on German inflation: consumer prices were sharply assagis in April in several regional states mainly due to a decline in tourism services, while prices of food and energy remained high.

"These figures could help the European Central Bank (ECB) to ease its fears about inflationary pressures in the largest euro area economy," said Jennifer McKeown, Capital Economics, predicting a possible rate cut in Europe in the third quarter.

At the same time, the European Commission has sharply raised Monday its forecast of inflation in the euro zone this year to 3.2%, a record since the launch of the single European currency, due to soaring energy prices and food, and has slightly lowered the one on growth, at 1.7%.

"The great uncertainty remains as regards the impact of the crisis on the real economy," she stressed. Joaquin Almunia, European Commissioner for Economic Affairs, acknowledged in this context that the strong euro, which is higher than 1.50 dollar, weighed on exports and therefore on growth prospects.

The British pound rose against the euro, at 7863 pence to the euro, as against the dollar at 1.9904 dollar for a pound.

The Swiss franc fell face the single currency at 1.6179 francs to one euro climbed against the dollar, at 1.0340 francs to the dollar.

The ounce of gold was quoted at 890.50 dollars fixing evening against 891.50 dollars on Friday.

The Chinese currency closed up at 7.0014 yuan to the dollar, against 7.0100 the previous day. Over the course of Monday 16H00 GMT Friday 21H00 GMT EUR / USD 1.5647 1.5624 EUR / JPY 163.23 163.13 EUR / CHF 1.6179 1.6166 EUR / GBP 0.7863 0.7867 USD / JPY 104 , 35 104.39 USD / CHF 1.0340 1.0346 GBP / USD 1.9904 1.9854

March and Warren Buffett buy chewing gum Wrigley

The U.S. confectionery March joined with billionaire Warren Buffett to buy Wrigley, world's leading manufacturer of chewing gum, for $ 23 billion (14.7 billion euros), and train and the world's number one confectionery.

This agreement will give Berkshire Hathaway, Buffett's group, a minority equity participation of Wrigley, who will become a separate subsidiary of March. The remaining assets of Buffett in the food sector include participation in the American Kraft Foods.

Berkshire could hold a stake representing more than 10% of Wrigley, according to the latter.

March adds that, Berkshire, American banks Goldman Sachs, JPMorgan also fund the acquisition of Wrigley.

March specify in a statement that the agreement was approved by the boards of both groups. Wrigley's shareholders will receive $ 80 cash per

share, which represents a premium of 28% with respect to the closing of title Wrigley Friday to 62.45 dollars.

"The combination of these two groups creates a confectionery giant with a global scale and a strong presence in emerging markets," said Mitch Corwin, an analyst at Morningstar. "This represents a great premium on action (Wrigley), which is already placed high in the sector."

The ratio of price / earnings 2009 Wrigley is 23, the second multiple in the Standard & Poor's values of this segment of the food.

Wrigley is facing increasing competition in the chewing gum on the part of Cadbury Schweppes with brands such as Dentyne and Trident.

The association March-Wrigley could force the U.S. Hershey, competitor of March, to forge an agreement with Cadbury Schweppes, while discussions have already taken place between them in the past.

Wrigley March and together held 14.4% of the global market for confectionery in 2006, against 10.1% for Cadbury.

March, a group unlisted securities, owns brands like M & M's, Snickers and Twix.

The majority of Wrigley securities are owned by the family of the same name, originally from Chicago.

Wrigley announced Monday a parallel increase in its net profit in the first quarter to $ 168.6 million, or 61 cents per title, against 142.7 million, or 52 cents per share, a year earlier, thanks to the weakness of dollar, which has supported its sales abroad.

The group said that the weakness of the dollar has increased by 7 cents the BPA.

The turnover has increased by almost 16% to 1.45 billion dollars against 1.25 billion a year earlier, the effects of exchange contributing to the positive half of this increase.

The title was Wrigley jumped more than 23% to $ 76.93 in early afternoon on the NYSE.